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Posted: Wed Sep 03, 2008 5:52 am Subject: ACH REVOCATION

Okay - so, I spoke with my CU re these PDLs that continue to debit my account - one example is a company that the principal balance was $300 and I've now paid about $700 - anyway, my state says no renewals or extensions are allowable and they can only charge $15 per $100 loaned. And, max term is 31 days. So, here's the big question.......the CU said they can go back 60 days and asked if I wanted any of the payments returned and credited back to my account? That almost sounds like I'd be asking for more trouble than just revoking the ACH. Any opinions on this one? THANKS

Posted: Wed Sep 03, 2008 8:03 am Subject:

Have you overpaid these pdl's based upon your state laws interest rates? If I am understanding this correctly, then heck yeah, if you've overpaid the lenders, you're entitled to your money. Have you already sent revocation letters? What state are you in?

Lisa Thompson · Posted: Wed Sep 03, 2008 8:07 am Subject: ACH REVOCATION

I'm in Nebraska. Not sure what the interest rates are by our state law; only saw where it specified that they could only charge $15 per $100 borrowed. Thanks for the response!

Posted: Wed Sep 03, 2008 8:11 am Subject:

Do you know if these are legal lenders? If you have calculated the amount owed and paid them what they are legally entitled to, then yes, I would definitely opt to get my money back. Just make sure you secure your account though, because pdl's have been known to change their names and continue debiting your account. What are the names of these lenders?

Posted: Wed Sep 03, 2008 8:14 am Subject:

Nebraska requires internet based pdl's to be licensed by your state.

Lisathompson · Posted: Wed Sep 03, 2008 8:15 am Subject: ACH REVOCATIONS

I haven't done the revocation letters yet because I am waiting for Friday to hit - the day they'll first reject from the bank. They're ready to go, though, and I think I've rounded up all addresses. There's one that I applied for ages ago that went in the bank last week - I'm having them return that deposit.

Posted: Wed Sep 03, 2008 8:19 am Subject:

The bank won't care about state licenses and such, if the pdl can prove that they did have authorization to debit your account on those past dates, the charges will come back on you.

It would be dishonest, and illegal to lie to your bank and say these companies did not have your authorization to debit when they did.

lisathompson · Posted: Wed Sep 03, 2008 8:20 am Subject: ACH REVOCATION

They are United Cash Loans, Impact cash, Little Loan Shop,
Money & More, and M1y. United Cash, Impact Cash, and Little Loan were all $300 and I've paid each $500 or a little over. So, the way I'm reading the Nebraska statute, anything over $345 could be revoked? Although, I don't think I'm going to do that - I'm just thinking that anything paid in August, which would be like $140/each, that I might have them credit? Don't want to tick them off too bad. But, am I blowing my stance if I don't recoup the whole thing, per law?

Posted: Wed Sep 03, 2008 8:21 am Subject:

Banks only question is whether or not the company had authorization to debit your account when they did. It doesn't matter to them if the company is legally licensed or not.

There is a good chance if you have the charges reversed, that the investigation will come back against you and you will have to pay the bank back for any charges they reversed.

lisathompson · Posted: Wed Sep 03, 2008 8:22 am Subject: ACH REVOCATION

Okay - that was my other question.....if by revoking the ACH, am I saying that they don't have my authorization now, as opposed to I have just realized it's not even legal? That helps to clarify for me - I do not want to be dishonest - just don't want to be raped any longer.

Posted: Wed Sep 03, 2008 8:28 am Subject:

Also, it isn't $15 per $100, it's 15% of the face value of the check. So if you borrowed $100, the fee would be $17.65.

Per the banking laws, you cannot honestly and legally recoup the past transactions. That would be lying, as they did that authorization to debit.

lisathompson · Posted: Wed Sep 03, 2008 9:22 am Subject: ACH REVOCATION

Okay, thanks. I understand that now. Just wasn't initially sure if the revocation was because they were overcharging, per my state's laws, or because I was now refusing to incur more charges. I have no desire to do anything unethical, just want to make sure that I'm understanding everything correctly. I did not tell them that I did not authorize previously; I simply told them that the activity was illegal in our state, and that is when they offered to go back and credit.......I will make it clear to them that I only want to activate revocation as of the current date. Thanks again.

Posted: Wed Sep 03, 2008 9:31 am Subject:

Yeah, you are revoking because you don't authorize the company to take anymore money out of your account.

lisathompson · Posted: Wed Sep 03, 2008 10:48 am Subject: ACH REVOCATION

so, even though they are operating outside of the parameters set within our state, I have no recourse to recoup the addtl funds, is that correct?

Posted: Wed Sep 03, 2008 12:43 pm Subject:

lisathompson · Posted: Wed Sep 03, 2008 7:57 pm Subject: ACH REVOCATION

okay - and one more question (sorry!).....is it really safer to close the account, and will that make them strike back with more of a vengence?

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